Moo Deng (MOODENG), the New Rising Memecoin on the Solana Blockchain, Sees Its Value Soar by Over 90% Shortly After Coinbase Announced Plans to List the Asset

According to CoinGecko, MOODENG is now trading at approximately us$0.65 (AU$1), marking a 90.6% increase over the past 24 hours.

Coinbase listing a memecoin usually leads to a positive price movement for the asset. This was evident again on Wednesday when Solana memecoin Moo Deng (MOODENG) soared by over 90% shortly after the exchange announced plans to list the token.

According to CoinGecko at the time of writing, MOODENG is now trading at approximately US$0.65 (AU$1), which marks a 90.6% price increase over the past 24 hours.

The Coinbase listing had ripple effects throughout the memecoin ecosystem. Tokens like GOAT saw a 9% price increase, while PNUT rose by 6% within a brief 10-minute window following the listing announcement.

A High-Risk Memecoin

Inspired by a viral Thai zoo hippo, MOODENG is, as the name suggests, a memecoin. Like basically any other Solana memecoin, it’s extremely volatile and has no intrinsic value. It relies solely on your speculative desires.

These rapid price fluctuations are further compounded by limited liquidity, which can amplify both gains and losses.

Liquidity is problematic for MOODENG. On OKX, the most liquid trading platform for the token, market depth is limited to just over US$81,000 (US$126,086) in resting orders within a 2% price range to the upside. This limited liquidity can lead to rapid price movements and complicate large trades.

But then again, thin liquidity and high-risk are not words that can stop degenerate memecoin traders.

A few months ago, an anonymous trader with a Solana wallet address starting with “Db3P” turned US$800 (AU$1,235) into a stomach-wrenching US$7.5M (AU$11.58M). Keep this in mind the next time you head off to work.

The trade was made on September 10, just four hours after the token’s launch. By Friday, blockchain data confirmed the trader’s holdings had surged in value due to the token’s rapid price growth.

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Naturally, it caused controversy. Was it an inside job? Is the trader just incredibly lucky? Whatever it is, the timing and the staggering gains leave more questions than answers (it probably was a developer, anyway).